annual

report 2009
GOALS SUCCESS HONESTY APPROACH ASPIRE
DREAM CHOICE DEDICATION VALUES FATHER TO SON LEADER

PASSION MINDSET KNOWLEDGE AMBITION PEACE

IDEAS DRIVE CREATIVITY COMMITMENT PRIDE FOCUS GOALS

SUCCESS HONESTY APPROACH ASPIRE DREAM

CHOICE DEDICATION VALUES PASSION MINDSET AMBITION PEACE

IDEAS PASSION SUCCESS HONESTY APPROACH

ASPIRE DREAM CHOICE DEDICATION VALUES FATHER TO SON

LEADER PASSION MINDSET KNOWLEDGE AMBITION

PEACE IDEAS DRIVE CREATIVITY COMMITMENT PRIDE FOCUS

ASPIRE DEDICATION SUCCESS DREAM HONESTY

APPROACH GOALS DREAM CHOICE VALUES PASSION DEDICATION

MINDSET AMBITION PEACE IDEAS

SUCCESS

DEDICATION DRIVE PASSION MINDSET AMBITION PEACE CHOICE

Highlights
of Consolidated Position

Total Assets NAf * Total Customers Deposits Total Loans and Advances Capital Funds Net result after tax Staff Offices Bankomatiko ATMs

2009
5,843,210,000 5,117,338,000 3,173,009,000 491,182,000 119,136,000 1469 50 145

2008
5,425,111,000 4,705,540,000 3,026,141,000 444,324,000 144,853,000 1471 47 143

2007
4,947,984,000 4,361,760,000 2,815,614,000 340,652,000 106,836,000 1418 46 137

Curaao, Netherlands Antilles Affiliated with The Bank of Nova Scotia Toronto, Canada * Netherlands Antilles Guilders NAf. 1.79 = US$ 1.00
1

Managements Report
from left to right: Kenneth Isidora, Moira Blok-Arenda, Joe van Dongen, Ruthsella Jansen, Lodewijk Govaerts, Chicu Capriles, Michael de Sola, Dennis Osborne, Ron Gomes Casseres, Daisy Tyrol-Carolus.

n many ways, 2009 was one of the most challenging years in our Banks 93 year history. What made it especially challenging is that much of what we were confronted with were events happening well

the new year and the new decade with guarded optimism. This will be a year of important changes in the political status of the islands of the Netherlands Antilles. These changes will be accompanied by new approaches to public and semi-public governance, which we are seeing as well in Aruba after the recent elections there. The new autonomous status of Curaao and St. Maarten and the new status as Dutch municipalities for Bonaire, St. Eustatius and Saba bring many challenges but also exciting promise for the future.

Aruba and St. Maarten. The impact on European tourism was less pronounced, perhaps as result of the strong euro, and some of our markets in fact registered impressive growth. Venezuelan tourism declined severely on all islands, especially Curaao, as a result of new measures instituted by the Venezuelan Government to stem the outflow of foreign exchange which had increased enormously in 2008. In addition to declines in numbers of tourists on most of our islands, average room rates also went down, creating in all markets a greater negative effect on the financial situation of hotels than the bare tourism numbers would indicate. Retailers were further affected by a decline also in cruise tourists; in St. Maarten, for instance, there were 9.7% fewer total cruise passengers than the year before. Notwithstanding all of the foregoing, initial indications are that GDP of the Netherlands Antilles grew by 0.9% in 2009. This is in shrill contrast to initial indications of a decline of GDP by 8.4% in Aruba, while many other comparable destinations in the Caribbean showed decreases of 3% to 4%. In Curaao, the results of the negotiations with The Netherlands in respect of the new constitutional structure were approved by

beyond our influence, control and even our borders. Notwithstanding the foregoing, we are satisfied with the results of the year, be it that for the first time in decades 2009 registered a decline in profits as compared to the banner, record year of 2008. Perhaps more so than in all of those earlier decades, it

One of the aspects that makes the future especially exciting are

was proven once again that it is the people of Maduro & Curiels Bank who make this such a great bank, and it is our people who demonstrated resiliency and creativity to make it happen in 2009.

the many young and energetic professionals that we see on their way to becoming the leaders of the future in all sectors of our societies. It is in that light that we dedicate this Annual Report to young professionals on all of the Dutch Caribbean islands and in our Banks. Regrettably, due to space limitations we can place a spotlight only on a very limited number of them, but in doing

In comparison with the turmoil in much of the international financial and banking world at the end of 2008, these Dutch Caribbean islands were in some ways oases in the expanse of the deep blue seas. Sound and conservative banking practices and strong prudential supervision by the Central Banks of the Netherlands Antilles and Aruba helped to ensure that all banks on these islands continue to be strong. There was, however,

no escaping the economic consequences of the financial crisis and the effect of severe decreases in deposit rates, both abroad and locally. Notwithstanding the fact that in 2010 we will continue to see high unemployment and weak economies in our principal trading partners in both North America and Europe, we enter

so we pay tribute to all young professionals on our six islands.

Our Country and Our Economy

As we already foresaw in last years Annual Report, the worldwide economic downturn impacted our islands as well, and mostly in the area of tourism. Tourism from the USA declined throughout the Caribbean, and did so as well on our islands, especially in

a slim margin in a referendum. In Aruba, elections were held which saw the previous opposition party come into power. In both St. Maarten and Bonaire there was a change in the Island Government. In St. Maarten this change of local government did not impact the on-going constitutional process. In Bonaire, however, the new government decided to call for a referendum in the first quarter of 2010 to enable the people of that island to have a final say as to the newly proposed Dutch municipalitystructure. All of the foregoing made 2009 a politically intensive year, and the process of constitutional changes a heavily politicized and, regrettably, a polarizing one.

2008 and 7.8% in 2007. Indicative of the pressure on lending interest rates is a decrease of average mortgage rates from 8.6% to 7.7% in 2009, with at years end 6% and 6.5% being quoted by several institutions for residential mortgages. Similar declines have taken place in commercial lending rates.

In our 2008 Managements Report, we already made mention of the new Sales & Service journey we had embarked on in our branches. The implementation process in all parts of our MCB Group was completed in 2009, and we are most pleased with the results. As a result of the intensive training and coaching of our staff, we are now able to serve our customers needs better and we are noticing a higher level of client satisfaction with our Bank. Our automated personal loans system was also rolled out to all islands, and this has assisted greatly in enabling us to give our customer a reply much more rapidly than before. Our small business loan unit has continued to develop new products and services, while our Granito microfinance program has continued providing loans to the smallest of enterprises. Our Shared Services project took on concrete form in 2009, while we also started the centralization of a number of customer assistance and information units in one Customer Contact Center. Shared Services is creating centers of excellence in our Bank, which will enhance our efficiency as well as create opportunities for expense reduction going forward. We were very pleased to sign on in the fourth quarter of 2009

while the Audit Committee also met with our external auditors. The Boards December Meeting included a broad-ranging offsite strategy session, and Management appreciated the active participation of our Directors. Management is grateful for the confidence of our Shareholders and Directors and looks forward to their continued support. We have already mentioned above the several changes that took place in our Management and our Board during the past year. We add to that only that we are grateful that we will be able to continue to count on the wise advice and counsel from our Chairman Emeritus and Advisor Lio Capriles, while we wish Shaffie Wihby and Bill Boyko the very best and very long, healthy and happy retirements.

Our Bank
This past year was a year during which we further strengthened our Bank in several ways which will help position us well for future growth. We were pleased to welcome Lodewijk Govaerts to our Banks

One of the significant changes of the constitutional changes for the BES islands (Bonaire, St. Eustatius and Saba) is a decision reached in 2009 to dollarize their economies. In addition, prudential supervision of the banks will be placed in the hands of the Central Bank of The Netherlands (DNB) and financial market regulation under the supervision of the Dutch Authority Financial Markets (AFM.) These changes, which are being effected for a total population of only 18.000 persons on the BES islands, will involve very significant additional conversion and ongoing costs for the six banks operating on the BES islands, and will generate as a consequence an increase in the cost of doing business on the BES islands.

Management team mid-year 2009, while on the first day of 2010, Daisy Tyrol-Carolus and Michael de Sola also joined our Management. Daisy, Michael and Lodewijk all have extensive banking experience and are already proving to be real assets to our Bank. We took leave in our Management from our colleague Shaffie Wihby, who as of years end is enjoying a well-deserved retirement. There will be further retirements in our Banks Management, and with the addition of our three new colleagues, we are well positioned for the future. There were changes as well in our Board of Supervisory Directors. After having chaired the Board for five years, Lio Capriles stepped down from that position due to a statutory stipulation. Our Supervisory Directors unanimously elected Lio to the position of Chairman Emeritus and Advisor to the Board and Management. Ms. Nicole Henriquez took over as Chairperson, a position she had previously occupied from 1997 to 2004. Bill Boyko, Secretary of the Board, retired from active service in our Bank as Manager Private Banking but we are most pleased that he has agreed to stay on as Secretary.

As the exclusive FunMiles banking partner we plan to roll out a number of exciting new products and services during 2010 to increase even more the value to our customers of their banking relationship with our Bank.
Our Bank remains, as before, committed to the principles of sound KYC due diligence and to combating money laundering and terrorist financing. Our Compliance Office plays a crucial role in training and raising the awareness of our staff, for monitoring our business and for complying with reporting requirements. This past year, MCBs principal Compliance Office in Curaao was instrumental in assisting our bank in Aruba to further upgrade Caribbean Mercantile Banks AML/TF procedures and systems. At our St. Maarten bank, The Windward Islands Bank, there were some shifts of the management responsibility for AML/TF activities, and the MCB Compliance Office actively supported important enhancements of these activities also at WIB. AML/TF training took place on all islands for all our staff while new automated systems have been rolled out to our bank in Aruba and will in 2010 be rolled out to our Bonaire and St. Maarten banks.

as a coalition partner of the FunMiles loyalty program as of the start of the new year. FunMiles is a very successful loyalty program in Curaao and growing also on the other islands of the Netherlands Antilles and Aruba. As the exclusive FunMiles banking partner we plan to roll out a number of exciting new products and services during 2010 to increase even more the value to our customers of their banking relationship with our Bank. This past year, our MCB Prize in Curaao was awarded to a sportsman, Vernon Isabella, who has successfully coached not less than seven consecutive Little League Baseball teams, from 2003 through 2009, to become the Caribbean Champions, in 2004 the World Champions and in 2005 the International Champions. Vernon is a true role model for many in our community!

One of the significant constitutional changes for the BES islands (Bonaire, St. Eustatius and Saba) is a decision reached in 2009 to dollarize their economies.
As part of the process of constitutional change, The Netherlands committed to assume some 70% of the national debt of the Netherlands Antilles and Curaao, and this process took on concrete shape in 2009. During the past year NAf. 835 million flowed in from The Netherlands for repayment of national debt. Clearly this large inflow of foreign exchange also helped to keep our countrys monetary and financial system stable amidst the turmoil in financial markets elsewhere. One of the immediate effects of national debt relief has been very significant over-liquidity in the financial markets of the Netherlands Antilles. This has led not only to lower savings and deposit rates locally but, coupled with low interest rates abroad, also to a scarcity of reasonable investment opportunities for institutional investors, such as pension funds and life insurance companies, or attractive deposit opportunities for banks, including our Bank. The lower local interest rates have in turn led to increased pressure on lending rates, which have declined across the board on all the islands of the Netherlands Antilles. Local Government treasuries at years end were quoted at rates between 0.6% and 0.8% compared to rates up to 5.8% in

Construction is now in full swing on our new Rooi Catootje premises in Curaao, which will bear the name Lionel Capriles Banking Center in honor of our past and long-time CEO and Board Chairman. Barring any unforeseen circumstances or construction delays, we hope that the new Banking Center will be completed at the end of 2010. In Bonaire, we were happy to move our head office to our brand-new and enlarged premises in Hato. We will maintain our branch in Kralendijk to serve businesses and persons in or near the center of town. In addition to changes in our Board and Management and the construction of new premises, a lot more happened in our Bank in the past year.

Corporate Governance
Our Board of Supervisory Directors and Management continue to be committed to the principles of sound corporate governance. The Board supervises Management through its active Audit, Credit, Risk and Compensation Committees. The local members of the Board, often joined by other Directors, meet informally, in addition to the formal quarterly Board Meetings, in order to gain even deeper understanding of our Bank. In all, the full Board met in formal meetings four times while an additional four informal Local Directors meetings were held in 2009. The Boards Audit Committee met four times, and each of the Credit and Risk Committees met two times during the year while Compensation & Succession Committee met once during 2009. The Board met three times without Management present,

Our Financial Statements and Other Highlights

We will again this year comment extensively and provide more than the required disclosures and transparency of financial statements. As always, we stand ready to discuss or clarify any aspect of these reports or statements. The MCB Group consists of 15 companies operating onshore and international businesses based in Curaao, Aruba, St. Maarten, Bonaire, St. Eustatius and Saba. The information contained in these consolidated highlights represents the total of the financial statements of all 15 members of the MCB Group. Companies in which we hold a minority share, specifically Royal

& SunAlliance Insurance (Antilles) N.V., Caribbean Factoring Services B.V. and FactorPlus Aruba N.V. are not consolidated. These investments are accounted for under the equity method.

Net loans and advances to clients increased by 4.9% despite weaknesses in the economies of especially Aruba and St. Maarten, and closed 2009 at NAf. 3,173 million. As at the end of the third quarter (latest available data) overall loans market share remained virtually unchanged in Curacao, and was up in Aruba and in Bonaire. In St. Maarten we experienced a decline of our loans market share, but we are very pleased that at years end this had turned around and we look forward with optimism to 2010 in this regard. Our Banks share of foreign exchange transactions again increased in the Netherlands Antilles and leveled off in Aruba.

MCB in the Netherlands Antilles collects foreign exchange license tax for the Central Bank, which in turn pays it to the Government of the Netherlands Antilles. MCB in the Netherlands Antilles collected NAf. 45 million in license fees in the past 12 months. In Aruba, our Caribbean Mercantile Bank collected AWG. 10 million in exchange tax which it pays to the Central Bank of Aruba for the Aruban Government. Together, the above contributions to the coffers of our countries totaled a record NAf. 125 million in 2009.

The Future
As we start the new year of 2010, we know that it will be a challenging year. We realize that much of the world is still suffering from economic declines and high unemployment, that deposit rates remain at a historic low, both locally and abroad, and debit rates continue under pressure. We also know that we are starting off a year that will call for at least two elections in the Netherlands Antilles and expect major constitutional changes to go into effect in October of this year. These constitutional changes will also be accompanied by changes in the legal monetary tender and regulatory authority in some of our markets. If there is anything in 2010 that is definite and certain, therefore, it is continued change which always brings along some uncertainty. Notwithstanding these challenges, we are guardedly

Profit & Loss Statement

The income presented in our financial statements is derived from both the onshore and international activities of the Group. This income is well diversified. MCB Group in the Netherlands Antilles and Aruba made a profit after tax but before the transfer to the Reserve for General Banking Risks of NAf. 119 million. For the first time in many decades, the Bank posted a decrease in its Net Income in comparison to the previous year. After adjustment of the results of both 2009 and 2008 for the extraordinary gains derived from the sale of available-forsale securities, which were not directly related to the operations of our Bank in 2008 and 2009, the decrease in Net Income was 5.5%. This decrease was due to two factors. The first one, as already mentioned above, the historically low interest rates earned on our excess liquidity and reserves deposited with other banks, both local and abroad. If at the end of 2007, these Deposits with Banks earned an average of 3.65%, by the end of 2008 this average rate had dropped to 1.80% and at the end

Employment
Our Shareholders Equity was again strengthened very considerably. Excluding minority interest, total Stockholders Equity ended the year at NAf. 491 million, representing an increase of almost NAf. 50 million compared to the end of 2008. This is a key strength of our Banking Group and one that our community, our clients and our staff can continue to rely on and count on especially in light of the challenges and exciting opportunities in our future. As MCB continues to be the largest financial institution in the Dutch Caribbean, it is therefore also an important asset for the future of these islands. The MCB Group employed 1469 persons in the Netherlands Antilles and Aruba at the end of 2009. During the year, MCB Group paid its employees NAf. 88 million in salaries alone, not counting social benefits, pensions, medical and other insurances.

optimistic. That is so because we have confidence in our Banks professionalism, because we believe that we are best able to serve our customers needs with our innovative and varied offerings of products and services, because we have the management in place positioned for future growth, and because we know that we have weathered the worst of the storm thanks to the support, the enthusiasm, the creativity and the loyalty of our people. We are most grateful to our staff for that support and loyalty in the past year and we look forward to continue to build on that in 2010. Finally, we cannot help but be excited by the changes that are to come. Changes that not only create some uncertainty but also opportunities and excitement and promise and hope. Changes that will also see the young professionals in our countries start to assume the leadership of all sectors of society, for which they are well prepared. To all of this, we pledge to all of the peoples of Curaao, Aruba, St. Maarten, Bonaire, St. Eustatius and Saba the continuing support of Maduro & Curiels Bank.

Community
We continued sharing with our communities on all islands through 4500 donations. In all, we contributed almost NAf. 2.3 million to support the important work done by cultural, social, religious, sport, and educational organizations benefiting the youth, neighborhoods and institutions of many kinds. In addition, we continued to provide direct social assistance to less fortunate individuals in our society. This year we celebrated the fifth anniversary of our now traditional Siman di Kurason Positivo in December in Curaao, and we were very pleased and honored to see our MCB Guards, the MCB Toastmaster Club and the MCB Young Professionals also take active part in this special week with new initiatives of their own to benefit the community. This goes to prove once more that at Maduro & Curiels Bank we are not only committed to sharing with our community but also consider it our responsibility to do so in a meaningful way.

MCB Groups consolidated assets ended the year just slightly below the six billion mark at NAf. 5,843 million, a 7.7% increase. Total Stockholders Equity end 2009 was NAf. 491 million, an increase of almost NAf. 50 million compared to 2008.
of 2009 was just slightly over 0.50%. For several reasons we were unable or chose not to pass these reductions in income fully through to our clients. The second reason for the decrease in Net Income is the sharp reduction, compared to 2008, of Venezuelan travelers making use of their official allotment of US$-spending on their credit cards through clients of our Bank. As already mentioned above, this reduction was the result of new measures instituted by the Venezuelan government to stem the outflow of foreign exchange. In light of the severe financial and banking crisis in much of the world, we consider the 5.5% decline in adjusted Net Income to be acceptable but by no means pleasing to our Management. In 2009, MCB in Curacao alone extended over 5500 new personal loans and car loans as well as almost 400 new residential mortgages. In fact, overall for our MCB Group the emphasis on residential loans resulted in very nice increases in our portfolio on all islands for a total 14% increase in the mortgage portfolio due to 7% more mortgage loans extended

Loans
Most of the 4.9% increase in loans over the past year, not surprisingly due to the weak economies on the islands, was in retail loans. These increased on all islands for an overall 11% increase compared to the previous year. Corporate loans increased on all islands except Aruba.

Chicu Capriles President and CEO

Ron Gomes Casseres Managing Director

Joe van Dongen Managing Director

Balance Sheet
MCB Groups consolidated assets increased NAf. 418 million or 7.7% since December 2008 and ended the year just slightly below the six billion mark at NAf. 5,843 million. Our clients continued to have confidence in our Bank, with total client deposits increasing not less than 8.8% over the previous year. Of course, with the economies of these islands not growing overall, this has led to larger additional liquidity deposited with other banks at the historically low rates referred to above.

in 2009. In total during these twelve months, MCB in Curaao extended almost 500 small business loans and 125 Granito micro-finance loans. During 2010 we will be intensifying our small and medium business loans with several new initiatives.

Taxes
The MCB Groups profit tax obligation resulting from its operations in 2009 is NAf 38 million as compared to NAf. 36 million over 2008, while it also paid NAf 3 million in turnover tax last year. During this same period, its employees paid wage taxes to an amount of NAf. 29 million.

Board of Supervisory Directors

L. (Lionel) Capriles, Chairman Emeritus Chairperson Vice Chairman Honorary Supervisory Director Honorary Supervisory Director Ms. N.D. (Nicole) Henriquez, C.S. (Claude) Norfolk,

Commercial Banks
Aruba Caribbean Mercantile Bank N.V. branches at: Airport Reina Beatrix, Boulevard, Caya Betico Croes, Noord, San Nicolas, Sta. Cruz, Playa Linda Bonaire Maduro & Curiels Bank (Bonaire) N.V. branches at: Airport Flamingo, Hato, Kralendijk, Rincon Curaao Maduro & Curiels Bank N.V. branches at: Airport Hato, Barber, Bloempot Center, Breedestraat, Brievengat, Colon, Emmastad, Freezone, International Trade Center, Montagne, Otrobanda, Punda, Rio Canario, Salia, Sta. Maria St. Maarten / St. Eustatius / Saba The Windward Islands Bank Ltd. branches at: Bush Road, Cole Bay, Pondfill, Simpson Bay/ Airport Road, Illidge Road, Mazinga Center (Statia), The Bottom (Saba)

C.E. (Ced) Ritchie,

Supervisory Directors & Management

R.E. (Rick) Waugh,

A.C. (Tony) Allen J.M. (Jos) Alvares Correa Ms. J.L. (Jacqueline) Curiel E.B. (Eugene) Holiday F.B.M. (Frank) Kunneman P. (Pat) Minicucci R.H. (Rob) Pitfield J.M. (Jaime) Saleh E. (Eduardo) de Veer

Maduro & Curiels Bank Group

Deputy Supervisory Directors

F. (Frank) Brandao Mrs. V. (Vilma) Diaz ne DAnello Ms. L. (Loretta) Moreno R. (Richard) Young

Insurance
Curaao Maduro & Curiels Insurance Services N.V. Maduro & Curiels Risk Management N.V. Aruba / Bonaire / Curaao Royal & SunAlliance Insurance (Antilles) N.V.

Board of Managing Directors

Chicu Capriles, President Joe van Dongen Ron Gomes Casseres

Real Estate
Curaao Progress N.V.

Assistant Managing Directors

Moira Blok-Arenda Lodewijk Govaerts (as of August 1, 2009) Kenneth Isidora Ruthsella Jansen Dennis Osborne Shaffie Wihby (retired December 31, 2009) Michael de Sola (as of January 1, 2010) Daisy Tyrol-Carolus (as of January 1, 2010)

Investments
Aruba Caribbean Mercantile Securities Administration Co. N.V. Curaao MCB Securities Administration N.V.

Advisor
Lio Capriles

Factoring
Aruba / Bonaire / Curaao / St. Maarten Caribbean Factoring Services B.V. FactorPlus Aruba N.V.

Representative Office
Edward Logeman (The Netherlands)

International Representative
Sidney Maduro (Venezuela)

Consolidated balance sheet of Maduro & Curiels Bank N.V. and its subsidiaries as at December 31, 2009

Consolidated income statement of Maduro & Curiels Bank N.V. and its subsidiaries for the year ending December 31, 2009

CONSOLIDATED BALANCE SHEET

(All amounts are expressed in thousands of Antillean Guilders) Assets Cash and due from banks Investment securities Loans and advances to customers Investment in associate companies Bank premises and equipment Customers' liability under acceptances Other assets
Total assets

CONSOLIDATED INCOME STATEMENT

2009
2,196,036 243,615 3,173,009 14,060 115,425 48,272 52,793 5,843,210

2008
1,939,557 224,047 3,026,141 13,773 108,046 34,842 78,705 5,425,111

amounts are expressed in thousands of Antillean Guilders) (All Interest income Interest expense Net interest income Fee and commission income Income from foreign exchange transactions Income from investment securities Operating income

2009
298,993 40,520 258,473 115,555 47,121 11,092 432,241

2008
320,098 68,603 251,495 124,380 48,574 30,485 454,934

Liabilities and stockholders' equity Liabilities Customers' deposits Due to other banks Acceptances outstanding Profit tax payable Accrued interest payable Other liabilities 5,343,473 4,972,311 5,117,338 15,015 48,272 31,044 21,843 109,961 4,705,540 56,666 34,842 25,912 26,756 122,595

Salaries and other employee expenses Net impairment losses on loans and advances Other operating expenses Operating expenses 277,219 275,653 171,499 5,120 100,600 168,651 8,450 98,552

Net result from operations Net income from associates Stockholders' equity Issued capital Fair value reserve investments Other reserves Retained earnings Minority interest 8,555 8,476 50,800 28,030 151,813 260,539 491,182 50,700 21,319 147,317 224,988 444,324 Net result 119,136 144,853 Net result before tax Profit tax expense 157,220 38,084 181,234 36,381 155,022 2,198 179,281 1,953

Total liabilities and stockholders equity

5,843,210

5,425,111

10

11

Explanatory notes to the consolidated financial highlights as at December 31, 2009

a) Accounting policies

b) Specification of accounts

1. General
The principal accounting policies adopted in the preparation of the consolidated financial statements of Maduro & Curiels Bank N.V. and its subsidiaries (the Group) are set out below. These explanatory notes are an extract of the detailed notes included in the consolidated financial statements and are consistent in all material respects with those from which they have been derived.

4. Investment securities
The Group classifies its investment securities in the following categories: financial assets at fair value through profit or loss, available-for-sale and held-to-maturity. Management determines the classification of its investment securities at initial recognition. A security is classified in the category financial assets at fair value through profit or loss if acquired principally for the purpose of selling in the short term. Available-for-sale financial assets are investments intended to be held for an indefinite period of time, which may be sold in response to needs for liquidity or changes in fair values. Investment securities with fixed maturities where management has both the intent and ability to hold to maturity are classified as held-to-maturity. Financial assets at fair value through profit or loss, financial assets available-for-sale and financial assets classified as heldto-maturity are initially recognized at cost. Financial assets at fair value through profit or loss and financial assets availablefor-sale are subsequently carried at fair value. Held-to-maturity securities are carried at amortized cost. Unlisted equity securities for which no readily available market exists are carried at cost less impairment, if applicable which approximates fair value. The gains and losses arising from changes in the fair value of financial assets at fair value through profit or loss are included in the income statement in the period in which they arise. The gains and losses arising from changes in the fair value of available-forsale financial assets are recognized directly in the stockholders equity, until the financial asset is sold or impaired at which time the cumulative gain or loss previously recognized in equity should be recognized in the income statement. Dividends on availablefor-sale financial assets are recognized in the income statement when the right to receive payment is established.
(All amounts are expressed in thousands of Antillean Guilders)

I Assets Investment securities Held-to-Maturity Available-for-sale Financial assets at fair value Total investment securities Loans and advances to customers Retail customers Corporate customers Public sector Other Gross loans and advances to customers Less: allowance for loan impairment Net loans and advances to customers II Liabilities Customers deposits Retail customers Corporate customers Other 1,978,684 2,451,521 687,133 1,870,236 2,257,588 577,716 1,341,031 1,810,903 16,399 89,376 3,257,709 (84,700) 3,173,009 1,211,646 1,786,120 6,233 110,655 3,114,654 (88,513) 3,026,141 243,615 224,047 191,029 29,033 23,553 175,689 22,321 26,037

2009

2008

2. Basis of preparation
The financial statements, from which the consolidated financial highlights have been derived, are prepared in accordance with International Financial Reporting Standards (IFRS). The figures presented in these highlights are stated in thousands of Antillean Guilders and are rounded to the nearest thousand. The policies used have been consistently applied by the Group and its subsidiaries and are consistent, in all material respects, with those used in the previous year. For financial statement presentation purposes certain 2008 balances have been reclassified in order to be in conformity with the 2009 presentation.

2009

2008

3. Basis of consolidation
Subsidiaries are all entities over which the Group has the power to govern the financial and operating policies. Subsidiaries are fully consolidated from the date on which control is transferred to the Group until the date that control ceases. The following subsidiaries have been consolidated as of December 31, 2009. - - - - - - - - Caribbean Mercantile Bank N.V. and subsidiaries The Windward Islands Bank Ltd. Maduro & Curiels Bank (Bonaire) N.V. and subsidiary Maduro & Curiels Insurance Services N.V. Maduro & Curiels Group Insurance N.V. Progress Salinja N.V. Progress N.V. MCB Risk Insurance N.V.

2009

2008

5. Loans and advances to customers

Loans and advances are carried at amortized cost, less an allowance for loan impairment. An allowance for loan impairment is established if there is an indication that the Group will not be able to collect all amounts due according to the original contractual loan terms.

Total customers deposits

5,117,338

4,705,540

Associate companies Associate companies are entities over which the Group has significant influence but not control. Investments in associate companies are accounted for under the equity method of accounting.

12

13

To the Stockholders and Board of Directors of Maduro & Curiels Bank N.V. Curaao

Independent Auditors Report

We have audited the consolidated financial statements of Maduro & Curiels Bank N.V. and its subsidiaries (the Group) for the year ended December 31, 2009, from which these consolidated financial highlights consisting of the consolidated balance sheet, consolidated income statement and explanatory notes were derived, in accordance with International Standards on Auditing. In our auditors report dated January 22, 2010, we expressed an unqualified opinion on those consolidated financial statements from which these consolidated financial highlights were derived. In our opinion, the accompanying consolidated financial highlights as of December 31, 2009 are consistent, in all material respects, with the consolidated financial statements from which they have been derived. For a better understanding of the Groups financial position and the results of its operations for the period and of the scope of our audit, the consolidated financial highlights should be read in conjunction with the consolidated financial statements from which they have been derived and our auditors report thereon.

commitment
{ No longer behind the scenes }

Young Professionals show

rom the cradle to the tomb, every stage in life is significant, both to ones personal development and to the immediate, surrounding community as a whole. A lot of attention is generally given to

issues based on specific age categories, such as childhood, adolescence, and seniors. It is remarkable
Curaao, Netherlands Antilles January 22, 2010 KPMG Accountants B.V.

how one specific stage in this whole progression has been somewhat overlooked. This specific group has perhaps been too busy settling down, falling in love, raising a family, caring for aging parents and finding a place for themselves in their professional field and in society to get major attention. Young adults between ages 21 and 40 deserve to be followed more closely. Particularly those who have shown

V.T.M. Bergisch RA

abilities, professionally and socially, to be the future leaders of our society should be put in the limelight. The stage is theirs in this Annual Report and in tribute to all Young Professionals on our islands, the curtain rises for a small number of Young Professionals in our countries.

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At the age of 20-plus many young adults either find themselves a job after secondary school, or are still heavily engaged in advanced studies. Depending on the kind of field they may have chosen, they will probably be thirtyish when they reach an acceptable professional level, but then they will still lack work experience. This is also generally the age to start a family. Their small children require so much energy and time in addition to the challenges at work that they often do not come to the forefront in society. Once the family has taken shape and the children are a little older, and once the young adults are better off in their own jobs with more solid working experience, they often become active in society and move beyond the circle of family and friends and their own working environment.

unproductive and potentially destructive of the individuals themselves, their communities and even fragile democracies. A few years back, the United Nations admitted that it had long ignored the existence of this group. It had categories for children (age 5 thru 15) and youth (age 15 thru 25), but nothing for those in the next age group. Young Professionals have long not even been mentioned in most programs of the UN, UNESCO or other branches of this global organization. Still, statistics show that Young Professionals comprise about 15% of the worlds population2, and nearly a quarter of the worlds eligible work force. The argument to consider involvement of this group in the decision-making process is just as valid as that for the categories of children and youth.

social, intellectual and financial capital. Young Professionals are young people with enthusiasm, idealism, innovation and practical means to realize much of that. They can and are eager to care for the socially disadvantaged and the environment, while seeking solutions in the areas of the digital divide and technology transfer for many of todays social problems. They are more and more involved in networks and projects in fields of science, environmental issues, engineering, housing plans, social capital, and the elimination of poverty. In fact, if given the right and timely opportunities, they provide an almost immediate return on investment made by any corporation or organization in these young people. It is not surprising that more and more local institutions including our Bank - as well as multinational corporations and organizations (OECD, UN, and others) tap into young people, thus recognizing their important role in current and future developments.

region or the United States, but primarily to The Netherlands for further studies. Over the years this development has created an awkward situation. The demographic surveys and studies by the Central Bureau for Statistics (CBS)3 look as if a huge bite has been taken at our islands population. There is a drastic reduction in numbers in the ages between 20 and 40. This is attributed mostly to the annual outflow of young people for knowledge and experience abroad, most of them intending to return with that valuable intellectual luggage to contribute to the further progress of their native islands. Regrettably, many of those who study, live and eventually start working abroad stay abroad causing a temporal, insular brain drain to become a permanent one. They get good job offers, find partners and start families, create a new working environment and social network, get recognition for their achievements and stay there Yes, they will return, but the majority of them only for visits. The CBS data illustrates, however, that at a certain moment the numbers of former Young Professionals picks up slightly again at somewhat older age groups. It has not been clearly established yet whether that is because the former students have decided to return home or that others have filled in the need for professional workers in their fields. But regretfully, surveys show up to now that not less than 70% stay abroad.

A changing image of tomorrows leaders

This image has been changing quietly during the past few years. In recent literature about the typical Young Professional, one finds that they are now also willing to sacrifice part of their time, income, energy and efforts in programs benefitting their society. And more particularly in developing countries these Young Professionals are sometimes becoming one of the main driving forces of the economy. Overall, Young Professionals have become or are about to become the new breed of captains of industry and leaders in all segments of society. They are our leaders of the future and if that in itself is not reason enough for Maduro & Curiels Bank to go more into details in this Annual Report about this group within our island communities, and highlight just a few of the many Young Professionals in our societies, then what is?

Make a difference
Perhaps as a result of UNs Millennium Report, in October 2001 the International Young Professionals Foundation (IYPF) was founded at a first Summit held on the gold Coast of Australia, where the renown academician Dato Ir Yee-Cheong Lee spoke about Young Professionals and Sustainability. He stated that the Young Professionals by definition are much more fortunate than the youth described in the Millennium Report, since they have already been equipped with the knowledge and know-how to make their careers a success. At the same time they are in a terrific position to contribute to the advancement of the youth in the world. Especially in the many areas that are key to sustainable development, as so much promoted by the UN, not in the least in science, technology and communications, Young Professionals are arguably the experts, growing up with and powering the internet revolution, technical innovation and the knowledge economy, said James Bradfield Moody, the first chairperson of the IYPF. IYPF defines a Young Professional an individual between the ages of 21 and 40 in his or her early to middle career. They are skilled, connected by the organizations that employ them; they are passionate and receptive to new ideas and actual change. Young Professionals are ideally placed to influence, and capable of driving current and future change in the world. Therefore IYPF spearheads all initiatives directed towards highlighting the powerful position. YPs have inside corporations and through governments, encouraging YPs and improving their capacity to make a difference through information, knowledge and connectivity.

Awkward situation
Where do the Netherlands Antilles and Aruba stand in this? Well, we are a hybrid society, a part of the Dutch Kingdom and quite autonomous in so many areas, with our own responsibilities in several areas, including education. Our characteristics coincide with both those of developed and developing countries. In other words, we are rather well-developed societies that are still in development. We have a growing force of Young Professionals as well. Although the islands have several types of advanced educational institutions, where young people can get their professional preparation in the fields of law, engineering, marketing and communication, hospitality, nursing, education, medicine, etc., still the scope of opportunities in these smallscaled communities was and is sometimes too limited to meet all the aspirations of young adults. This led to plane loads of our finest young people moving away some to the Caribbean

Joint efforts
It is based on the growing awareness that so many of the Young Professionals in those specific age groups can contribute greatly to their society, that governments and private institutions take increasingly more initiatives to stimulate them to return. There are several examples of this. The newly installed Aruban government of Prime Minister Mike

They learn quickly

Of course there is a previous history to this, but it was in the Millennium Report 2000 of the United Nations1, that then Secretary-General Dr. Kofi A. Annan asked the world community specific attention for the fact that nearly 40% of the world population is below the age of 20, the upcoming generation. He furthermore stated that more than 1 billion people on earth are between the ages of 15 and 24. The report further describes the following situation: Young people are a source of creativity, energy and initiative, of dynamism and social renewal. They learn quickly and adapt readily. Given the chance to go to school and find work, they will contribute hugely to economic development and social progress. Were we to fail to give them these opportunities, at best we would be complicit in an unforgiveable waste of human potential. At worst, we would be contributing to all evils of youth without hope: loss of morale, and lives that are socially

demographics of the netherlands antilles, 2009

85+ 80-84 75-79 70-74 65-69 60-64 55-59 50-54

Immediate return on investment

Young Professionals have too long been an untapped resource, but this is thankfully no longer so. These young people have ideas and ideals as well as the practical and intellectual means of implementing these. Young Professionals can be the greatest catalysts for change and renewal as well as for sustainability on a global scale. More than others, Young Professionals can be change agents in their fields, both by establishing alternative processes and systems, and by uniting the organizations

45-49 40-44 35-39 30-34 25-29 20-24 15-19 10-14 5-9 0-4 10000 8000 6000 4000 2000 0 Population (N) 2000 4000 6000 8000 10000

Male

Female

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Eman last November launched an incentive to lure Aruban students in The Netherlands back to Aruba. They would get a reduction in study debts up to 30%, when they decide within a certain time span to put their knowledge and experience at the service of their home island Aruba. In Bonaire a public-private foundation Ban Boneiru Bk has actively been stimulating young Bonaireans and other students and professionals of Caribbean origin in Holland and elsewhere to seriously consider coming to work and live in the Flamingo Island. Last September the foundation contacted the On Source company in The Netherlands, directed by Mrs. Simone Pourier, who is also of Bonairean origin. On Source already mediates between companies in Curaao and potential professionals of Curaao origin in The Netherlands. Now it has expanded its sphere of activity also to Bonaire. On Source will have a try at convincing them to return to Bonaire, Curaao or any of the other islands. And Maduro & Curiels Bank has for years been a co-sponsor of the Passaat Recruitment Days, organized by Antillean and Aruban students in The Netherlands, united in Passaat. These are held in May every other year in Rotterdam with the objective of connecting companies based in the Dutch Caribbean with potential recruits still studying, and often considering a career in the Caribbean. Once employed at the Bank, they will also hopefully become active together with other MCB Young Professionals in a group founded in 2008, and which is portrayed hereafter in this report.

Netherlands Antilles. For the success thereof to benefit each and everyone on our islands, we must make use of all the resources and all of the leaders available to society and not in the least of our Young Professionals.
UN Secretary Generals Millennium Report 2000, We the peoples The role of the United Nations in the 21st century, www.ur.org/millenium/sg/report/ 2 United Nations Population Division, http://www.un.org/esa/population/ publications/aging99a99cht3.htm 3 CBS Netherlands Antilles: www.cbs.an and CBS Aruba: www.cbs.aw
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goals
Bryan Yrausquin of Ernst & Young / CIFA
Bryan Yrausquin (34) is Senior Tax Manager at Ernst & Young Caribbean and also President of the Curaao International Financial Services Association (CIFA).
The way Bryan sees it, all of us should undertake actions that correspond with our hearts and vision. Bryan is responsible for the Business Tax Advisory and International Tax Services departments of Ernst & Young in the Dutch Caribbean. His main job is to advise local and international businesses to structure their operations as tax efficiently as possible. Through the large network of Ernst & Young and through CIFA, Bryan also stimulates international businesses to establish (part of) their operations in Curaao. The Curaao international financial services sector, formerly referred to as the offshore sector, has not grown during the past decade, but is still the second largest economic sector of the Netherlands Antilles. The world is flat and continuously developing. To compete in this flat world, it is necessary that our people be proud, take responsibility, get involved, unite, decide together on how we should differentiate ourselves from the others, and start executing. We should not be reactive but proactive, and take actions that correspond with our hearts and vision." As president of CIFA, Bryan together with his Board members cooperates with the governments of the Netherlands Antilles and Curaao and other interest groups to identify and execute measures that facilitate investments in or through Curaao. It is important to create an attractive investment climate, which in its turn will generate income and prosperity for Curaao and its people. Through the development of ideas on how to position the island in this competitive world, by proposing amendments to laws, and by making human resources available, CIFA provides the government, where necessary, with tools for the advancement of our country and our economy.
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A major challenge
No doubt that this is a major challenge and occasional action will not be enough. More well- orchestrated efforts from governments and a wide range of corporations and institutions on each of the islands of the Netherlands Antilles and Aruba are needed to make it attractive and affordable for Young Professionals overseas to board that homeward flight and re-emigrate. And once they are back, the very least society can do is involve these Young Professionals more structurally in the private and public sectors, and in the community at large. Then their voices will also be heard on issues that will have implications for their and their childrens future. Just think of local and global concerns that really matter, such as the environment, the advancement of technology, the growth and aging of the population, the worldwide scarcity of food and water, the increasing poverty, and the unequal distribution of riches in the world and in their own countries. When Young Professionals, apart from their careers, are more involved in and committed to their own community, they will gain even more knowledge of the real needs and shortages. And they will then be even more likely to apply these to the challenges they encounter with a mix of youthful idealism in combination with realistic objectives, which will be welcome and beneficial to society. The urgency of doing so is even more pressing in view of the upcoming constitutional changes in all of the islands of the

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Fanny Cloose-Fung-A-Loi (39) is a civil-law notary at Burgers & Fung-A-Loi Notarissen in Curaao. Her attitude is: Always be positive and work towards a goal.

SUCCESS
Cedric Sprock (37) has every reason to be proud of the achievements of his young Coffee Factory. The experience he gained helped him grow as an entrepreneur.
A Dutch bachelors degree in business communication and administration followed by an MBA degree obtained at UNA/ Curises earned him the position of Chief Accountant for the offshore sales activities at Schlumberger. His working area was from Mexico to Argentina. This was the best schooling imaginable. I now reap the fruits of my business travels around Europe, the United States and Latin America. In 2004 he established The Coffee Factory, a local coffeeroasting business, offering premium gourmet coffee. Also in 2004, the first Caf Barista location opened its doors in Damacor, a suburban area, with 2 employees in addition to himself. In 2006 two outlets of his trademark Caf Barista were opened at the new airport terminal of Curaao, followed a year later by one more at Avila Hotel. In 2009, with 52 employees on the payroll, a new central distribution center became necessary, which will be operational in 2010. Our growth is continuous, but we are slowing the process down. We need to be able to oversee every aspect to guarantee the quality of our products and services. This process of consolidation will continue, after which new challenges will be looked into. There is no rush for Cedric Sprock. Being a JCI member himself, he won the The Outstanding Young Person Award of the JCI Dutch Caribbean in 2006. In 2008 he received the Frente A Frente Progressive Award, and also in 2008, Fatum Insurance Company granted Caf Barista the Best in Business award. These awards were followed in 2009 by the Innovation 2009 award from Innovation Center Curaao and the Best Brand award from the University of the Netherlands Antilles.

Cedric Sprock of Caf Barista

Fanny studied notarial law at the Rijksuniversiteit Utrecht, The Netherlands, and afterwards returned to Curaao to work as a junior civil-law notary. For the past six years she has been working at the office of civil-law notary Burgers. Her work consists mainly of giving advice and drawing up notarial deeds and legal contracts in all aspects of the law, the most important ones being real estate, family law, estate planning and corporate law. In Curaao there are ten civil-law notaries, who are appointed by the government of the Netherlands Antilles. One starts out as a junior civil-law notary and after three years of working in a notary office one can apply for the position of civil-law notary, if such a post is available. Last year Fanny was appointed as successor of Mr. Van der Plank, taking over his notarial deeds and files.

Mr. Henri Burgers and Fanny have joined forces and are now working together in a partnership. They complement each other on legal matters, have an ample clientele and can rely on a good team to give the services needed. Fanny loves her work because it is diverse, theres never a dull moment (every case is different) and one of the most important aspects of her job is that she is able to advise people on f.i. buying a house, dividing an estate or starting a company. It is important that the clients are satisfied with the services rendered. With positivism, honesty and hard work you can get far in life. By giving your utmost and keeping to your purpose in life, you will realize what you set out to do.

HONESTY
Fanny Fung-A-Loi, civil-law notary
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APPROACH
Dillian van Eerden (30), chemistry teacher, does her best to motivate youngsters to choose chemistry as part of their curriculum, even though they might not need it for future studies.
As an adolescent, Dillian had the ambition to work in a chemical laboratory, even though she knew it would not be easy to find a job in Curaao after she finished her study. She started with biochemistry, but because of personal circumstances she could not continue. Then she took up analytical chemistry. During this study she had the opportunity to guide a group of young people, and she realized she wanted to work with the youth. That is when it occurred to her to become a chemistry teacher. Being young, she is endearing to her pupils and it is easy for her to communicate with them. She talks with them of her own life experiences, trying to make them see that taking chemistry lessons can make a person see things in a different way, opening up new horizons. Now Dillian realizes that not having been able to finish her study in biochemistry was a blessing in disguise. She is working hard at being the best chemistry teacher she possibly can be for the students of her beloved island. She feels happiest when her former students tell her that her teaching made a difference in their lives. I believe that a person can achieve anything if he or she works hard. If at first you dont succeed, try a different approach. Besides working as a teacher, Dillian is also a Catechist and she is active for the Vicentius Foundation, a charitable organization. When working with children from the less fortunate areas of Wishi and Marchena in Curaao, her most important contribution is the giving of affection to those children. By the way, several members of Dillians family have a long tradition working for MCB. Her deceased grandfather Jopie van Eerden was with the Bank for 45 years and her also deceased great aunt Jeanne van Eerden for 25 years. Her mother Geertruida (Trudy) van Eerden is still with the Bank, already for over 37 years.

Dillian van Eerden, teacher

Dave E. Liqui-Lung (32) is a lawyer at VanEps Kunneman VanDoorne. With self-discipline and sacrifice he has made it possible that his dreams came true.

After finishing high school in Curaao, Dave studied law at the Erasmus University in Rotterdam, The Netherlands. During his study he worked as a student-assistant, in the course of which he met many international students. Hearing how great they experienced doing their masters study in a foreign country, Dave decided to become an exchange student himself at the University of Salamanca in Spain. When he got his law degree, he started applying for a job in The Netherlands and he also made use of his network in Curaao for the same purpose. This resulted in him obtaining an offer for his present job and he gladly accepted. Dave represents clients who need legal advice and assistance on civil law matters. Cases he litigates always are between citizens and/or companies. To him each case is interesting and stimulating because he needs to prepare the case thoroughly according to the Civil Code of the Netherlands Antilles and

related regulations. Dave is still learning a lot at the firm and intends to continue growing. His ambition is to become a partner within the next five years. What I always do, is try to make my dreams come true and enjoy what Im doing. Through hard work, dedication and self-discipline I have always been able to focus on what I want to achieve. The support of my parents has always been essential. Dave is a member of the Junior Bar Association (Jonge Balie) of Curaao, uniting Young Professionals in this field and of which he was President of the Board. Up last year he was also a member of the Board of the Foundation for the Professional Training of Lawyers. In 2009 Dave became a member of the Curaao Lions Club and has been actively involved in the 'Blood Donor Drive' and 'Bon Bisia' projects. As a volunteer, Dave is also helping out children of the Oranje School with their reading.

ASPIRE
Dave Liqui-Lung of law office
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Franklin Antoin (30) not just dreamed to become a pilot he went for it and did it. Now he gladly advises youngsters on how to make their dream of flying come true.

From boyhood, Franklin was fascinated by every aspect of aviation. While in school in Bonaire, he studied aviation and used summer holidays to pass exams in Florida. In 1996, at the age of 17, he got his first pilot license and flew small groups of friends and relatives on a single-engine aircraft. He gradually raised the level of his licenses, but then that came to a standstill. In 1998 he went to the police school in Curaao, accumulating his flying hours at AeroClub Curaao. In 2000 he returned to Bonaire as a policeman. One year later a family member took over the air ambulance service in Bonaire. As part-time pilot he flew this airplane until 2003. He left the police force to get the certificate that would enable him to apply at DCA. But after that airline went bankrupt in 2004, he went to work for Divi Divi Air till the end of 2005. Then he got a job as co-pilot on DAE flights using ATR aircraft, mainly

between the ABC islands. Nine months later he was promoted to captain on the ATR and in July 2009 he leaped to captain on the Fokker F-100 jet, flying to Caracas, St. Maarten, Santo Domingo, Bogot and Panama City in Central America. With a journalist dad, this chip of the old block grew up writing. The first book he published was soon to be followed by more. In general they tell stories related to aviation, in particular of incidents from the past. He is also troop leader in scouting and as of 1994 he leads a group organizing Sinterklaas activities in Bonaire, including the annual arrival in the harbor late November. He now counsels youngsters who also want to be pilots.

Concept
Danilo Christiaan of Mangazina di Rei
Work and hobby are very much intertwined in the life of Danilo Christiaan (37), the project manager of Mangazina di Rei in Rincon, Bonaire.
Like many young fellow-islanders, Danilo went to The Netherlands for advanced training. His choice was rural development work, particularly in culture and agriculture, followed by a post HBO management course. In November 2006 the board of the Mangazina di Rei foundation hired Danilo to be in charge of this second oldest dwelling in Bonaire, which had been transformed into a small museum of Bonaires cultural history. This was the place to which in past centuries slaves would walk after a hard working week in the salt ponds. The Mangazina was the storehouse for their weekly provisions and there they could spend time with their families. Now the surrounding area has been converted into an outdoor museum with replicas of traditional houses. Danilo introduced the concept of a cultural park, where history comes alive through story-telling, music, workshops and the tasting of delicacies. The cultural park functions also as a learning center that is run by young people of different ages, backgrounds and needs. Several coaches guide them while they manage the park and get hands-on experience with visitors, keeping the area tidy, and marketing the project and its ideas. At the same time, they get an opportunity to organize activities for young and old, and discover what activities fit them best. By doing so, they will be better prepared to enter the labor market. The elderly also play an important role in these activities by sharing their life experiences and appreciation for the cultural heritage. This interaction between different age groups is a boost for the selfesteem of all involved, but also guarantees continuity of the center, and of Bonaires unique and beautiful cultural heritage. No wonder that Danilo is proud of the fact that the multifaceted character of this cultural park and learning center contributes to the well-being of Bonaires community.

DREAM
Franklin Antoin of DAE
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DEDICATION
Jairo Silberie (34) is Chief of the Drafting Office at the Public Works Department (DOW) in Curaao. To him, dedication is essential in order to reach any purpose in life.
After finishing his study of engineering at the University of the Netherlands Antilles and having worked for two specialized engineering bureaus, he applied for the job opening of Chief of the Drafting Office, and was hired. His daily tasks are directing the section that produces architectural drawings, distributing the work and checking on jobs in progress. During the greater part of his life - for over 20 years - he has been an active member of the Scouting movement in the Netherlands Antilles and he still likes being able to contribute to the whole system of scouting. Since early childhood he had been a scout, and when his mother founded a scouting group, his enthusiasm for the activities grew even further. Currently he is the District Commissioner (DC) of District 1 in Curaao for Scouting Antiano, heading 8 groups of scouting youngsters. Jairos job as DC is to implement plans approved by the Board and to make it work. Jairos dedication to anything he undertakes is what contributed to his appointment to this high position in Scouting. In addition to these activities, he is also active in his Church, in the past as an acolyte and now as lector. Every Saturday he is busy with activities for his group Pater Paul Brenneker and a few times a week he attends meetings of the Board. Every quarter Scouting Antiano organizes activities involving all groups at the same time. The values Jairo lives by and tries to pass on to his scouts and their leaders in Scouting are be honest in everything you do, focus on your objectives in life and work with dedication to achieve your goals.

Jairo Silberie of DOW

Joanne Maria is active in the Roman Catholic Church and she trusts that if a person shows good will, God will show the way.

Joanne has been a school teacher in primary school for three years now, teaching children in Group 7. Since she was in primary school herself, it was apparent that teaching was her calling. At some point in her life she was considering becoming a pathologist, but through the Church she soon realized that what she really wanted was to work with the living. She completed the Teaching Academy in Curaao and at the same time she took a course in theology and philosophy, organized by the Diocese of Willemstad. During the five years she was studying she worked as an information officer for the FMA (Foundation for Addiction Management) providing addiction prevention-sessions. Joanne is president and lecturer, leader of the group of youngsters Lus i Amor (Light and Love) of the Roman Catholic Church of Steenrijk in Curaao. She is one of the persons who read during Mass, and she is responsible for meetings of the

group and for social activities. She also is a member of the board of the foundation Youth Explosion, a foundation that organizes one special weekend every year for the young people in the Roman Catholic Church. Joannes duties here are taking care of public relations and logistics. To Joanne both her activities, teaching and dynamic membership of the Catholic Church, are important and she feels they complement one another. In school she teaches the children values inspired by her spiritual convictions and in her other work she uses her teaching skills to educate people in spirituality. You can do anything with the help of God. If you want to become something, challenge yourself and God will do the rest.

VALUES
Joanne Maria, a teacher
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father to son
Professional preparation and experience further strengthen and expand the entrepreneurial family tradition.
Purely personal circumstances at the time impeded him from taking take up an advanced study at the Business College of Florida. Instead, Jean Trappenberg (37), with experience at a sales job at a local company, in February 1990 was called by his father into the family business Curaao Candle. He already knew the company from previous vacations, when he gave a hand to earn his pocket money. He moved up to being in charge of sales at the export department, and got a thorough on-the-job training at the business, and in related commercial activities. In 2005 he bought the company with 50 employees which his father had started in 1974. His father taught him this piece of wisdom: the business will be sound as long as good financial discipline is maintained. Up to this day, he trusts his father with the administration of personnel and finances. School was never his favorite place, so no wonder Bart Rosheuvel (38) interrupted his business administration study in Rotterdam, The Netherlands, to join a circus touring through Europe and to be in charge of the circus catering and sales. In 1995 his father hopped over to Aruba, where Bart then worked at the Hilton Hotel, to convince him that it was time to return to Curaao and assist him in managing Trupial Inn & Casino. In a transparent manner, and in concord with the entire family, Bart
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bought the hotel from his father. Since January 1, 2005, he has been the owner and managing director. He grew into that position thanks to the trust his father gave him during the process which helped him develop his abilities. With capable personnel put on the daily routines, Bart could not only upgrade and gradually expand the hotel, but he used his entrepreneurial drive also to start up the first wireless internet business Netlinks, and to become co-shareholder of the local airline InselAir. In 1993, when Mahesh Mukhi (38) returned to Curaao with his bachelors degree in finance from the Bentley College in Boston, he made it clear that his passion was more for quality watches than for garments. With his fathers consent, he acquired the dealership of their first Swiss watch, and from there the collection of Swiss, Japanese and other brand watches and jewelry in all price ranges increased gradually but surely. The section of clothes and electronics was smoothly sidetracked. With full support of the pater familias, Mahesh spread the wings of The Freeport Shop to become a premier jewelry and watch business with seven locations: four in Punda, two in the new Renaissance Hotel and one in Zuikertuintje Mall. He is in charge of the dayto-day operations of the entire company, but is reassured by the knowledge that his father is there whenever needed. Under such circumstances, he is able and likes to chill out once in a while playing squash or golf.

With his high school diploma at hand, Leo Lemmens (38) went to Bentley College in Boston where he got his bachelors degree in management and marketing. In September 1995 he rejected job opportunities involving lots of travel to get progressively acquainted instead with the various aspects and brands (IBM, Canon, 3M and others) of the family business Antraco. Gradually he was given responsibility for more and more parts of the company. The knowledge he obtained in Boston helped him in analyzing what is best for the company. Together with his father and his sister, they form the management team of the company. Having his father at his side and still on top of the financial administration, gives him peace of mind. When in 2009 Leo became president of the Curaao Lions Club to give back to the community, he had not realized that this position requires his almost full-time attention. Just as in the business, in the Lions Club he also aims at bridging the age gap and involving more young people. While studying business administration at the local university, Roderick Lucia (36) started selling the first Pentium computers to fellow students. His father later integrated this into his CMP Trading. While Roderick was at the Florida International University in Miami, globalization became the key word, opening

new opportunities. In 1999 he and his father started Building Depot, a new hardware, building supplies and home improvement store. In less than ten years the floor area of this company grew from 3,000 to 20,000 square meters, from 3 to 180,000 products, and from 25 to more than 150 employees. Roderick is pleased to be connected to Do it Best in Indianapolis, through which they have exclusive access to a wide range of building materials and home improvement articles, and to the supply of furniture and linen from Dutch partner Leen Bakker. In the dayto-day operations he is the CEO in charge of Commercial Affairs, with his experienced colleague Peter Luiten, already 10 years as CEO General Affairs, at his side. Roderick continues to be active in the Kiwanis Piscadera service club, where he likes to focus on youth and schooling. Also in our Bank, we proudly celebrated this past year yet another "Father to Son". The year 2009 saw the fifth anniversary of the retirement as CEO of Lio Capriles, and the passing of the baton to Chicu Capriles. And not just any five years ... five years that broke records in the performance of our Bank. And the best is yet to come!

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For Julian Lopez Ramirez (38) every goal is reachable, as long as you dont back down in the face of adversity.
Julian studied law in Leiden and specialized in Tax Law (direct taxes). Afterwards he worked for the tax departments of The Hague and Rotterdam. As a result of a Career Orientation Day in 1999, Julian applied for a position at the Directorate of Taxes of the Netherlands Antilles and was accepted. He was also awarded a study assignment for a post-doctorate course in Leiden and The Hague, where he specialized in indirect taxes and tax policy. In 2002 he returned to Curaao and in the Directorate of Fiscal Affairs (DFA) his career was launched from junior policy advisor to senior policy advisor. In 2004 he substituted for the Director during his absence. That same year he applied for the position of Commissioner of the Inspectorate of Import and Excise Duties (IDE) and was appointed thereto in May 2005. The organization was in the middle of a reorganization which was completed in September 2005. Under his leadership, the new name of

the IDE became Douane (Customs) Netherlands Antilles (DNA). In January 2006 Julian officially became the head of the management team of Customs in the Netherlands Antilles, and in March 2009 he was appointed director ad interim of the Directorate of Fiscal Affairs as well. Julian is proud to say that in a relatively short time he and his team have made great improvements at the Customs department. In addition and very important to the international financial sector of the economy of our country, with his colleagues of DFA and the support from the Government and the private sector, they succeeded to have the Netherlands Antilles taken off the black and grey lists of the OECD in 2009. When goals seem unreachable, one must exert oneself to the utmost. When things do not go as one expects, one shouldnt yield. Besides his two jobs, Julian is also a member of the Board of Directors of the Public Library Foundation in Curaao.

PASSION
Rhona Mendez (32) follows her passion, not her pension.
Rhona is honored to be part of the creation of new political entities within the Dutch Kingdom and the dismantling process of the Netherlands Antilles. As this is a unique episode in the history of our country, she wants very much to contribute in any way she can. Ask not what your country can do for you - ask what you can do for your country, she quotes US President John F. Kennedy. She firmly believes in this. She had always worked for the private sector but in October 2009 she decided to follow her passion and not her pension, and became a public service official in Government as policy advisor at the Directorate for Fiscal Affairs. Now, being one of few young professionals in the department, she is learning many things she did not know before. For the new countries to be formed in the near future, the Directorate for Fiscal Affairs is conceiving a new Tax Plan, and Rhona is resolute in her decision to see this plan through to its implementation. In her spare time Rhona is president of the Young People and Politics Foundation. The objective of this organization is to inform young people about politics in all its aspects and to arouse their interest in affairs of state. Together with the other young professionals on the board of directors, Rhona is convinced that politics in Curaao needs to change as otherwise there will be too little progress in the new country: Issues need to be tackled directly and effectively. Running up to the recent elections, the foundation organized seminars and informative meetings and radio programs with political leaders directed to young people in Curaao. They developed and published a magazine that was distributed in schools and other central locations.
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Rhona Mendez of fiscal affairs

LEADER
Julian Lopez Ramirez of the Customs Service
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Tirzah Doran (31) is dedicated to transferring her knowledge of hospitality management to help develop the potential of our young people.

MINDSET
Sheda Offerman of Curom Broadcasting
As a young mother, Sheda Offerman (28) has to schedule every minute of her work and social life.
She is one of the rare Young Professionals, who after secondary school in The Netherlands came back to Curaao to study at the Social Economic Faculty of the local university UNA. Next to her study, she worked part-time, first at the twin radio stations 88Rockrsou and Mi 95 of Curom Broadcasting, and then for Radio Krsou FM and Laser 101. After she got her Bachelors degree in business administration, which includes communication, she went back to the Curom stations. Although it is her ambition to go for her Masters degree in due course, last November she started full-time as station manager at 88Rockrsou. She is in charge of almost all aspects of running a radio station from musical choice and technical matters to broadcasting and the entire administration. It goes without saying that she is also actively involved in live broadcasting. Her professional preparation helps her in many ways for the job. Shedas lessons in time management have become even more useful in managing her personal life. As mother of a toddler, who enriched her life two years ago, she is also active as a volunteer. At the university she was a career consultant, getting students an internship or a job, and helping businesses with the right candidates for job opportunities. She used to be part of youth projects of Bos di Hubentut encouraging youngsters to become small entrepreneurs. She is called in to help with activities such as for a new home for the child care center Casa Cuna Villa Maria, talent shows like Curastars or presenting the Clearwater Challenge on TV. The combination of motherhood, work and diverse other activities has made from Sheda Offerman a person with a very positive mindset.

As Lecturer Hospitality Management and Internship Coordinator at the Secondary Professional Education (SBO) School Ban Bria she has the opportunity to prepare young men and women for a career in the tourism sector. After finishing this school herself, she got her bachelors degree at the Hotel School in The Hague, The Netherlands. During this study she worked as a trainee at the Hotel Camino Real in Cancun, Mexico where she had the chance to carry out several important jobs. Before accepting the post at the SBO, she worked for the Renaissance Aruba Resort and Casino and the Curaao Marriott Beach Resort & Emerald Casino. Even though working with these international hotel corporations presented opportunities for her to work anywhere in the world, she made a conscious choice to return to her native island of Curacao. I wanted to come back to contribute to my country,

by transferring my knowledge to young people, because I believe they have a lot of potential. Right now she is working to achieve her Teaching Certificate at the University of the Netherlands Antilles. Besides her work at the school, Tirzah is a member of the service club Quota International of Curaao where she has earned the title of Volunteer of the Year 2009 for being active on nearly all project committees and organizing a well-attended fundraising seminar. In her leisure time Tirzah works as a freelance event planner, which enables her to help others to have a good time at their own party, something she really enjoys doing, and as a freelance hospitality consultant to share her knowledge more and more with people of all ages.

KNOWLEDGE
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Tirzah Doran

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Vernon Isabella (28) wins championships with the Curaao Little League and the 2009 MCB Prize.

Vernon learned a lot from his manager Frank Curiel at Santa Maria, but he has outgrown his teacher to become an even more successful manager of the Curaao Little League Pabou team. And what once was his hobby, baseball, has become his work. As a result of his successful activities with Little Leaguers at home and internationally and for his merits as leader of young ballplayers, the Government sports agency Sedreko gave Vernon the opportunity to follow a crash course of coaching. Sedreko then hired him as a professional sports coach. In the morning he teaches gymnastics in schools and in the afternoon he is back on the field, sometimes with some of the same youngsters again. In spite of his young age, he can look back on an impressive track record: seven times Little League Champion of Curaao, seven times Caribbean Champion, seven times in a row representing Curaao and the Caribbean at the annual World Championships, and with outstanding results of the

Curaao youngsters team at the World Series at Williamsburg with of course the World Championship title in 2004 as the biggest highlight up to now. For this consistency in leadership, his dedication to the youth of Curaao, and his unique blending of motivation with discipline, Maduro & Curiels Bank awarded Vernon the annual MCB Prize 2009. Vernon has not determined yet whether he will continue as manager of the Little League or guide these youngsters further in the next age group, the Junior League. He is proud of the fact that already eight of his former pupils have signed contracts with Major League Baseball, opening doors for them to a professional career in baseball in the US. In a very honest manner Vernon aspires to one day become manager of a baseball club in the US Major Leagues. It has not gone unnoticed in the US that Vernon was and still is the youngest manager at these international competitions, yet with most impressive results.

peace
Gregor Koote of MCB
Gregor Koote (34), Account Manager Commercial Credit at MCB accepted the challenge of a career change and persevered. He believes that when you want something badly enough and you work hard for it, you will succeed.
Gregor used to be an airline pilot with the Antillean Airlines (ALM). He flew for seven years before the airline stopped its operations and he would lose his job. At that point in time he had two choices. He could apply for a job with an international carrier and leave the Antilles for good, or he could make a career change. Since he had been looking for ways to expand his already broad horizons in a different direction, he applied for a job in the financial world and started his MBA study at the University of the Netherlands Antilles. This work-study combination was tough and demanded much perseverance. In the end Gregor is proud and strengthened in his belief, that when you want to achieve something and you work hard for it, the sky is the limit. In December last year during MCBs Week of the Heart, Gregor was team leader of a group of MCB Young Professionals which organized a day of activities for young fathers, which included a.o. cooking lessons and a motivational speech. For a few years now, Gregor has been living in the neighborhood of Seru di Otrobanda. He is one of the members of a committee working for the well-being of all who live in that historic and beautiful area of Willemstad. To Gregor it is important to contribute in whatever way he can to make even a small difference in someones life. If everyone gives a little and takes a little, welfare and peace in the family, the community, the country and the world will be achieved.
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AMBITION
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Vernon Isabella of Little League Liga Pabou

Vasco Daals (30) reveals clearly formulated fields of his ambition and a very wide scope of interests.

His objective in life and as a professional is clear: To expand knowledge and exposure to corporate credit, to acquire managerial experience and exposure to banking operations and investment banking. In preparation to meet his goals, he first got his Bachelors degree in management, economics and law in 2001 at the Vocational University (HEAO) in the Dutch city of Eindhoven, with specialization in real estate. After that accomplishment, he went south to the University of Maastricht for his masters degree in international business, which he obtained in 2004. Later that same year he returned to his native island of St. Maarten, where Vasco entered the services of The Windward Islands Bank Ltd as a trainee Account Manager, followed one year later by a position as Account Manager and, as of June 2009, as Senior Account Manager. While at the Bank, he further

developed his skills by attending several trainings and courses. Although Vasco is active in several areas, what stands out most are his achievements as a (board) member of the Rotaract Club of St. Maarten Sunrise since 2005. Not only did he serve this service club for young Rotarians as President (2006-2007), but he also earned the Club District Gold Award, District 7020, in 2007. Furthermore he was nominated twice for the Islands Pineapple Award: in 2006 as young professional of the year and in 2009 as trade manager of the year. Last year, holding the post as district treasurer and liaison for the District Governor 7020 Rotaract, he managed to coordinate fundraising and organization of the regional Rotaract event in St. Maarten with 150 attendants. For his efforts at the district conference 7020, Vasco was awarded a distinction from the District Board 7020.

DRIVE
Nzinga Lake of St. Maarten / St. Martin Eye Candy
Nzinga Lake (33) encourages young women in St. Maarten to develop self-esteem in front of local and international audiences.
She is the only girl from the first triplet in St. Maarten, and in the Netherlands Antilles for that matter. Nzinga followed in the footsteps of her father and grandfather and initially chose publishing as her career. Her interest in fashion subsequently led her to an Associate Degree in Fashion Merchandising at International Fine Arts College and a BA in Communication and Marketing from St. Thomas University in Florida in 1997. It has taken her a while to materialize some of her creative ideas, but then in 2007 through her promotional company St. Maarten Eye Candy, she published the first SXM Eye Candy calendar, promoting aspiring local models and businesses on the island. With her professional guidance, several of these aspiring models are given the opportunity to participate in fashion shows, to cater to events and act as hostesses for major top brand organizations on the island, locally and regionally. Some have even appeared in magazines and music videos. As a motivator with an eye for talent, Nzinga encourages her models to take part in events which build their self-esteem and make them proud of their island and community. This resulted in her models capturing the 2009/2010 Miss Caraibes Hibiscus pageant and finishing with four runners-up in the prestigious Miss PJD2 Caribbean pageant in 2008. As a no-nonsense lady, in all she does, Nzinga is driven by her unlimited love for her island, her models and her family.
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IDEAS
Vasco Daal of WIB in St. Maarten
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CREATIVITY
Souraine Hazel of Visual Lynx in St. Maarten
Thirty-two-year-old, St. Maarten born, graphic designer Souraine Hazel, is an up-and-coming business woman.
She began her professional preparation at Florida State University, where she received her degree in Graphic Design. Upon her return to St. Maarten, she initially secured work at a local marketing company but after two years of working there, she felt she needed more of a challenge. Three years ago, she stepped out on faith, took a financial risk and made the decision to go out and start her own company, Visual Lynx. She has created a diverse clientele and made a name for herself within the local community. This entrepreneurial venture has seen the fruits of her labor with an array of work produced for a wide cross section of St. Maartens businesses and events community. From posters, magazines, flyer designs and websites, to dramatic billboards for carnival shows and concerts, Souraine can attest to the fact that hard work and creativity are extremely important ingredients for her success. With her drive and as the sole employee, she has to be the backbone for Visual Lynx. At times this can be a challenge, but somehow she always seems to come through triumphantly. With every business, growth is key and Souraine has big dreams to make Visual Lynx a well-known brand around the island. Her ultimate goal is for her company to become the number one creative office solutions company on the island. So stay tuned.

Dynamism is a characteristic that fits Gregory Croeze (32) both in his work and his hobby.

With a bachelors degree in accounting in his pocket, Gregory worked for three and a half years at Deloitte before he went for his masters degree (MBA) at the University of Central Florida. During his study, he assisted fellow students from Aruba file their IRS returns, which procedure is different from the one according to the Aruban fiscal laws. In 2006, while on vacation in Aruba, he was offered a job as a Senior Associate in the Assurance department of PricewaterhouseCoopers which was too good to refuse. In his current position of Assistant Manager he has a client portfolio for which he supervises all aspects of the auditing engagements and for which he is also the main contact person. He likes to spend his spare time on motorsports, especially drag racing. As a kid he was introduced to car and motorcycle racing and grew up into the sport. Although in 2003 he himself participated actively for the last

time as a driver, he continues to be very much involved in the sport. He is part of the Croeze Brothers Racing team and also founder of S.P.E.E.D. (Stichting Performance Engineering and Educational Development). SPEED promotes the sport of drag racing by organizing workshops on issues as safety, quality and other related topics. With his great interest in activities for the community, he thinks he will soon be available to join one of the service clubs to give back to his community. After all, he who receives good things from society, owes a return of the benefit is his motto.

ACTIVE
Gregory Croeze of PwC
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Javier Rasmijn (29) is keen on every aspect of the financial structure and efficiency of organizations.

Javier went to HAN (Hogeschool Arnhem & Nijmegen) in The Netherlands for his bachelors degree in accountancy. During his internship and as part of his study, he had some working experience at KMPG and a Municipal Office in Holland. Rather soon after receiving his diploma in 2006, he got on a flight back to his native island of Aruba. In his first professional job at a firm of public accountants he became the external controller for a variety of clients. His new job as chief internal controller at the water and electricity producer and supplier WEB in Aruba, which he took up on January 1, 2010, is a new challenge in his young career. Not only will he be responsible for providing reasonable assurance regarding the achievement of objectives of operating controls, financial reporting controls and compliance controls, but he will also review draft audit reports to assure full and complete reporting. This new job fits well in his ambition to

grow and further develop in his profession. His other affinity is for Fundacion pa nos Comunidad which was founded last October. This foundation started its activities on January 1, 2010 to coordinate the collection and distribution of garments, food and furniture to the less fortunate households in Aruba in close cooperation with other organizations on the island that help the needy. It goes without saying that Javier is the treasurer of the young, dynamic and ambitious umbrella foundation.

FOCUS
Nizana Solognier of Amplus
As financial consultant Nizana Solognier (26) believes in better internal corporate communications.
Nizana did not waste time at the INHolland School in Rotterdam, The Netherlands. The moment she finished her four-year term in communication management in 2005, she rushed back to Aruba. Although she won an essay competition that earned her a scholarship at the prestigious Nyenrode Business School, she chose to return home right away. There she got her first job at her sisters financial and assurance consulting company Amplus. The experience she gained at this insurance & financial broker and consultant helped her to understand this particular field better. She is currently functioning as a financial consultant. However, one of the special fields of interest to her is how to be of assistance particularly in the field of internal corporate communication. Better internal communications, she believes, will boost the service output of a company towards its clients and business relations. In her spare time, competitive fitness is her specialty. After finishing second in the overall category at the local competition, she recently represented Aruba at a Caribbean fitness contest held in Grenada last October. She wakes up at 4 a.m. to exercise and after work she trains again. Nizana is very disciplined, determined and precise on her eating habits. She has learned that focusing on her physical and mental condition helps her to focus better on her work as well.
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PRIDE
Javier Rasmijn of WEB Aruba
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MCBs YP Chapter
Cherethy Kirindo ngo

ack on July 11, 2008, Maduro & Curiels Bank (MCB) launched its own chapter of Young Professionals during an informal social setting. It was initiated by Assistant Managing Director

The first community project was a one-day seminar in July 2009 entitled Biba kmodo, hasi mas ku mnos to teach individuals how to manage their personal finances. There was overwhelming interest for this event. Due to space limitation, not all interested could be accommodated this first time. The all morning-session was followed by a small fair during which the attendees, if they so desired, could get to know MCBs products better. During MCBs traditional Siman di Kurason, in December, the Young Professionals offered single mothers with their kids in 2008 and young fathers with their offspring in 2009 a day-long activities program. It gave those adults and children a chance to be socializing with fellow parents as well as to enjoy an entire day, respectively at Curaao Seaquarium and the Movies and at the bowling arena and even cooking lessons at the Academy Hotel. Both groups also were given a motivational speech focusing on their parental roles. Apart from the rewarding responses, organizing such projects proved also to be a valuable learning process for this group of MCB Young Professionals. On occasion the MCB Young Professionals have their social gatherings to create that special bond and for networking. These professionals also discuss processes within the Bank in order to contribute to an even better output towards clients and business relations and to continue polishing the Banks good

reputation. Furthermore, the group makes its members aware of upcoming interesting seminars to which they can participate to enhance their knowledge in different areas and to further develop their skills. Most recently, a new mentoring program was introduced at the Bank, with six of the YPs being the first to be mentored in the pilot program. In their less than two years of existence, the MCB Young Professionals have already gained their own position within the MCB family. They have many more exciting projects in the making for 2010. Be on the lookout for these new leaders of our Bank and of our society!

Kenneth Isidora who remained the main contact person and facilitator for the Banks management. The MCB Young Professionals are presided over since its start by Cherethy Kirindongo, who in her daily life now heads up the Banks important Small Business Unit and is providing excellent guidance and direction to the MCB YPs. The MCBs Young Professional group consists of about 50 young MCB employees up to 35 years of age with at least a bachelors degree or equivalent. After they got more acquainted with each other and exchanged views on what the groups objectives ought to be, they decided that the MCB Young Professionals in Curaao would work out ideas on how to help improve the services and products of the Bank and also importantly give back to their community. The objective is also for these YPs to develop their own abilities, experience and network of contacts so that they gain the necessary tools to become the new leaders at the Bank and in society.
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Maduro & Curiels Bank Group is a privately held bank, which was esta blished in 1916 as the first
commercial bank in the Dutch Caribbean and continues to be the leading financial institution of the Netherlands Antilles and Aruba.

Maduro & Curiels Bank Group is affiliated, since 1970, with The Bank of Nova Scotia, Canadas most
international financial institution, which serves over 10 million customers in 50 countries around the world. MCB also maintains a network of correspondent banks throughout the world, which includes representation in all of the worlds money centers.

Maduro & Curiels Bank Group prides itself on extending personal and customized financial
services to its personal and commercial clients through its branch network in Curaao, its subsidiaries in Aruba (Caribbean Mercantile Bank NV), St. Maarten, St. Eustatius and Saba (The Windward Islands Bank Ltd.), and Bonaire (Maduro & Curiels Bank Bonaire NV) and through its Representative Office in Amsterdam.

Maduro & Curiels Bank Group believes that its clients and communities deserve to be provided
continuously with the most innovative services and pro ducts in personal, private and commercial banking and in investment and insurance services.

C redit s
Maduro & Curiels Bank Group provides financial services at the highest level of integrity and
maintains strict guidelines for ethical business conduct which the Bank, all of its executives and staff must comply with. These include strict adherence to principles of client confidentiality and to anti-money laundering regulations.

Editing and coordination

Intermediate N.V.

Design & layout

Creativa Graphic Designs

Maduro & Curiels Bank Group is the largest private sector employer in the Netherlands Antilles and
offers its employees good working conditions, opportunities for growth, and equitable income and ample social benefits, security of employment and the opportunity to own part of their bank.

Photography
Marika Ringnalda (Curaao) Paul van Driel (Aruba) Muriel Anderson Spychala (Bonaire) Tyrone Peterson (St. Maarten) From private collections

Maduro & Curiels Bank Group serves its shareholders by providing them with a fair and
equitable return on their investment and strengthening of their bank by continuously adding to its reserves.

Printer
Maduro & Curiels Bank Group believes that sounder communities provide a healthier environment
in which to operate and is committed to using its human and financial resources towards the goal of enhancing the well being of the peoples of all of the islands on which it does business. This annual report has been printed Drukkerij Interpress

Maduro & Curiels Bank Group welcomes your inquiries, directed to our President, on any of the above
topics or on any subject in connection with our bank.

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